Home REIT PLC Property Sales

RNS Number : 1937D

Home REIT PLC

15 February 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

 

15 February 2024

Home REIT plc

 

("Home REIT" or the "Company")

 

Property Sales

The Company announces that at a public auction held on the 14 February 2024, the Company has exchanged on the sale of a further 117 properties (the "Sale Properties"). Gross proceeds for the sales were £5.6m representing 1.4% of the Company's portfolio by value (based on JLL's August 2023 draft valuation), with completion expected in approximately one month's time.

 

The gross proceeds from the Sale Properties are £1.02m (15.5%) below the draft August 2023 values. The majority of the properties sold are below portfolio average lot size (as was the case in the January auction) which may cause a greater percentage variation when comparing sale price to the August draft valuation.

 

Sale proceeds will be used to reduce borrowings and provide working capital.

 

A further property is expected to be entered into a public auction today, 15 February 2024, the result of which will be included in the summary provided at the Company's next monthly update.

 

The person responsible for arranging the release of this announcement on behalf of the Company is FTI Consulting.

 

FOR FURTHER INFORMATION, PLEASE CONTACT:

 

FTI Consulting (Communications Adviser) Dido Laurimore Eve Kirmatzis Oliver Harrison

[e-mail] [phone]

 

The Company's LEI is: 213800A53AOVH3FCGG44.

 

For more information, please visit the Company's website: www.homereituk.com

 

Inside Information

The information contained within this announcement is deemed by Home REIT to constitute inside information as stipulated under the Market Abuse Regulation (EU) no. 596/2014 (as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018). On the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.

 

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